信贷资金配置的市场化程度分析

尽管政府取消了对银行贷款规模的直接控制,改成了对银行的贷款进行窗口指导管理,但在实际操作中,政府对信贷资金的分配仍然有十分强大的控制权.为了考察当前我国信贷市场资金分配的市场化程度,本文以最近五年的宏观金融统计数据,采用了协整检验、向量误差修正模型、Granger因果检验等计量方法验证了我国贷款资金分配的市场化程度.结论表明,当前我国信贷资金分配的市场化程度较低,非市场因素在影响信贷资金的分配中仍占主导作用.

Study on Marketization Degree of Credit Distribution

The government adopts window guiding approach to control credit scale of banks and terminated the direct control.However,the government still possesses powerful control over the credit.This paper tests the marketization degree of credit distribution in China with recent five year data,using Johansen cointegration test,vector error margin,correction model,the Granger causality test and other metric methods.The conclusions show that the marketization degree of credit distribution is low and non-market factors affecting the credit distribution play dominant roles.